https://www.taxtmi.com/caselaws?id=18562 A partnership firm cannot be denied continuation of registration under the Income-tax Act merely because the deed does not expressly state the partners' loss-sharing shares. The deed may be read as a whole, together with the accounts and other surrounding material, and in the absence of contrary indications the partners may be taken to have agreed to bear losses in the same proportion as profits. Where no minor is admitted to the benefits of partnership, omission of an express loss-sharing clause is not fatal, and section 13(b) of the Indian Partnership Act, 1932 may be used to ascertain the intended arrangement. en-us Mon, 11 Sep 1995 00:00:00 +0530 Thu, 01 Oct 2009 16:11:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18562 A partnership firm cannot be denied continuation of registration under the Income-tax Act merely because the deed does not expressly state the partners' loss-sharing shares. The deed may be read as a whole, together with the accounts and other surrounding material, and in the absence of contrary indications the partners may be taken to have agreed to bear losses in the same proportion as profits. Where no minor is admitted to the benefits of partnership, omission of an express loss-sharing clause is not fatal, and section 13(b) of the Indian Partnership Act, 1932 may be used to ascertain the intended arrangement. Case-Laws Income Tax Mon, 11 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18562